We are installing Decision Pro for our consumer lending and have a question in regards to inputting the customer application information, printing and have customer sign vs the customer completing a paper application and inputting the information from the paper application.

What risks does a bank incur (in court) by aksing the questions, inputting the information, and then printing the application off and have the customer review and sign?

Our CEO is asking this question and would like to know how others out there are handling this.

Any info provided is appreciated

The only legal risk I can think of is a customer claiming the LO typed something wrong ("that's not what I said"). However, when the customer signs the application they are stating it is all true to the best of their knowledge.

Not a legal risk, but a regulatory one concerning the collection of GMI: Make sure the LO's are providing the disclaimer (orally) and asking the customer for their ethnicity, race & sex. They can't just type it in based on visual observation. This is common for the type of process you describe.

Agree with David...the GMI is your really only "biggie" with this process.

Even 100 years ago, I took mortgage apps by verbal interview...I have never liked customers filling out their own...they usally don't do a good job.

Asking app questions was the original telephone app. It is common to have it in a program and then print and sign or just save the data.

I think court action is a minimal risk.